Financial Journal

p. 5-25

Authors: Ya. A. Danilova, Alexey M. Lavrov, Vladislav V. Onischenko, Elena V. Pokatovich

This article is focused on the Russian experience in fiscal reforms stimulation at sub-national (regional and municipal) level in 2001–2014. The evolution of the performance based grant systems (PBGS) in Russia by the example of the Fund for Reforming of Regional Finance, the Federal Fund for Reforming of Regional and Municipal Finance and subsidies to the realization of the regional programs of public spending effectiveness increase. The author draws a conclusion that a program for fiscal reforms competition support has achieved its goals by providing the comprehensive standards expansion and sub-national finance management methods. Moreover, the article offers the future development directions for the fiscal reforms in Russia.

p. 38-44

Authors: Olga V. Bogacheva

The specific features of public capital expenditures fuel the ongoing interest of both researchers and policy makers to issues of divided budgeting of capital and operating expenditures. Russian economic literature also attributes great importance to the problems of using government finance tools to fund capital investment projects. The paper focuses on the international practices of addressing problems of integrating the processes of government operating and capital expenditures planning and execution.

p. 59-71

Authors: Nina I. Malis, Natalya A. Gorokhova, Irina V. Kiviko

Joining of the Republic of Crimea and Sevastopol required serious adaptation of the previous Ukrainian legislation to the Russian one, including budget and tax legislation. The change to the new rules of taxation showed, that own tax profits are not enough for the balanced budget. At the same time, Crimea obviously has tax potential, which must be used in the nearest prospect. The tax profits of Crimea are examined in the presented article and all taxes, which the Crimean taxpayers will pay beginning from 2015, are analyzed, the prospective forecast of tax profits is made as well.

p. 80-90

Authors: Maria A. Kaneva, Nikolay A. Avxentyev, Valery M. Baydin

The study looks at a voluntary cooperative health insurance system that allows government to cofinance individual expenditures on health insurance. A positive income effect from the participation in the cooperative health insurance is revealed. This effect allows for redistribution of funds from more affluent to less affluence individuals (when sick). The proposed insurance scheme can lessen such drawbacks of the VHI as non-transparency and high level of administrative regulation and can bring additional financial funds into the health care system.

p. 103-112

Authors: Igor A. Yakovlev, Kristina V. Shvandar

Russia’s transition to a floating exchange rate in the end of 2014 made people to face a lot of new issues. One of the most important is the question of the expediency and the timeliness of the switch to the new exchange rate regime made by the Bank of Russia. The authors in this article on the basis of the existing literature analysis, international statistics and the Russian economy statistics data come to the conclusion that the transition did not bring Russia’s economy any expected benefits.